Crude Oil Continues to Finds Ways to Strengthen

$USO, $OIL

Both Brent and WTI Crude Oil prices were volatile Wednesday, as Kuwait’s Oil workers put an end to the 3-day strike that had temporarily halved the country’s production.

WTI Crude Oil futures fell down to 41.28, but reversed, as stockpiles shrank more than expected.

According to the US Energy Information Administration (EIA), distillate stocks, which include heating oil and diesel, fell roughly by 3.6-M bbl, well below the no change analysts expected, sending Black Gold to YTD high of 44.23 bbl.

The advance has WTI Crude Oil at marks last seen in November 2015, and set up to extend the rally.

On the daily the technical indicators present strong Northward slopes, as the price advanced above its 200-Day MA.

Near term, and according to the 4 hours, WTI Crude could consolidate some in here, as the technical indicators have lost upward strength near overbought marks, but there is not signal for a Southside move yet.

Support marks: 43.30 42.60 42.10
Resistance marks: 44.30 44.90 49.40

Stay tuned…

Paul Ebeling

  Brent, consolidation, Crude Oil, EIA, Kuwait, production, rally, resistance, support, technicals, USO, WTI

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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